If we're gauging computer games based on level/class/race restrictions, though, I'd have to say that there has yet to be a computer RPG that comes
anywhere close to the 'freedom' you might find in a 'house rules,' tabletop, pen and paper RPG right out of the box (and, of course, there are the obligitory glitches, bug fixes, patches, etc)... buuuuuuut... that said, most 'decent' RPGs these days include those groovy 'toolsets' and add-ons that, with a bit of work (and, in some cases, a few hours/days/weeks immersed in tutorials and such) can be tweaked to fit your personal preferences... Neverwinter Nights' Aurora Toolset, for example. It didn't exactly make it easy for folks to create and/or modify classes, races, etc, but it can be done if you've got the time, energy, and patience to do such things.
That said, I can't think of any RPG that I've played that I would say truly 'blew chunks'... I'm sure there were, at least one or two that I started playing and thought... YAAAAWWWWWNNN... but, mercifully, the gaming gods have seen fit to strip those offensive titles from my mind.
Pool of Radiance was kind of 'iffy', IMO, but not a horrible game to play. Like Kaelyn, I enjoyed the 'entire party' perspective...
Diablo was fun but once you played through it once, it kind of lost it's luster... not a whole lot of 'replay' value there, I thought (but, man, was the necromancer cool!)...